Reuters - Stocks rallied more than 2 percent on
Wednesday, powered by the best day for banks in 16 years as
unexpectedly strong results from Wells Fargo & Co relieved
worry about a credit crisis spiraling out of control.
AP - Worried about rising inflation, Federal Reserve officials at their meeting in June thought the Fed's next move on interest rates was likely to be up.
Reuters - Federal Reserve Chairman Ben
Bernanke told a House of Representatives panel on Wednesday the
U.S. economy is going through a "rough time" and urged
lawmakers to approve Treasury Department proposals to back up
mortgage markets.
Reuters - Inflation accelerated in June to its
fastest rate since the aftermath of Hurricane Katrina in 2005
while workers' earnings slumped, compounding the stagflationary
dilemma facing the Federal Reserve. -- read full article
AFP - Federal Reserve chairman Ben Bernanke said Wednesday ailing Fannie Mae and Freddie Mac are "in no danger of failing," helping fuel a big boost in the troubled finance sector as fears of a deeper crisis eased.
AP - The price of a quart of milk, a plane ticket and a host of other products rose in June at nearly the fastest pace in a generation, taking an even bigger-than-expected bite out of the buying power of Americans.
AP - Reports on inflation showed big price increases at the consumer level and the wholesale level for June, driven by higher energy and food costs. -- read full article
AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."
BusinessWeek Online - It's not often that Federal Reserve Chairman Ben Bernanke plays second fiddle when he makes his twice-yearly trip to Capitol Hill to outline his current outlook on monetary policy and the economy. -- read full article
Reuters - Stocks rose on Wednesday as upbeat
quarterly results from Wells Fargo & Co eased concerns
about the impact of the credit crisis on banks, while a fall of
about $4 in oil prices reduced inflation fears and fueled
optimism about consumer spending.
Reuters - Chocolate may be a comfort in
troubled times but even this affordable luxury is feeling the
pinch of slower economic growth in the United States. -- read full article
AFP - Federal Reserve chairman Ben Bernanke said Wednesday that US inflation is "too high" and insisted the central bank was focused on easing the trend.
Reuters - Federal Reserve Chairman Ben
Bernanke told a House of Representatives panel on Wednesday
that fighting inflation is a top priority and acknowledged that
most Americans feel the economy is in recession-like
conditions.
